If you are operating a business in California, then you may be aware that a new Workers Compensation Program will take effect from January 1, 2013. The new program, signed into law by California Governor Jerry Brown, includes close to 50 statutory provisions that will automatically take effect from January 1st. The governor’s office has described the bill, called SB 863, as being a response to a significant increase in the costs of workers compensation insurance in California rising from $14.8 billion to $19 billion. The governor has said the new law will result in injured employees receiving increased benefits and costs being cut for businesses.
When it comes to your workers compensation insurance, it is important to stay abreast of such changes and ensure compliance, particularly when it may result in reduced costs to you and your business.
Knowing the Law
All employers in California are legally required to carry workers compensation insurance. This insurance will provide benefits to employees should they be injured while working, and it also protects your business from being sued for negligence in such a situation.
When it comes to finding an insurance agent or broker to provide you with workers compensation insurance, you may want to seek out someone who has expertise in your particular industry and who will ensure that you are informed of changes to the law that affect you and your business. Knowing of, and adhering to, the requisite safety standards and knowing how state-wide law specifically affects you can mean you are not only well informed but better protected.